money digest


No vote for Clear Channel

A proposed deal to take radio giant Clear Channel Communications private was dealt a blow Tuesday as influential proxy adviser ISS recommended that shareholders vote against the sweetened $19.5 billion bid at a special meeting next week, Reuters said. ISS already had spoken out against the original offer, arguing it was too low. It said the increased bid still was not compelling enough. Clear Channel shareholders are set to vote on the proposed buyout Tuesday.

Liberty Media making progress

Liberty Media has made "good progress" toward becoming more of an operating company but will continue to look to divest noncore holdings and maybe convert them into operating businesses, CEO Greg Maffei said Tuesday at the company's annual shareholder meeting. At the brief and low-key outing, at which chairman John Malone also appeared, Maffei further signaled that Liberty could continue to buy back stock. He lauded the performance of Liberty's two stocks — Liberty Capital and Liberty Interactive — saying they rose about 31% in 2006 on a combined basis, more than twice the S&P 500's gain. Year-to-date, Maffei said the combined stocks are up nearly 16%, compared with an uptick of about 2% in media stocks and 5% in the S&P 500.

NDS Q3 revenue jumps 20%

NDS Group, a provider of DVRs and conditional access products that is controlled by News Corp., on Tuesday reported a higher fiscal third-quarter profit as it added subscribers. Profit rose 4% year-over-year to $29.2 million as revenue increased 20% to $178.4 million, exceeding expectations. NDS said it deployed 1.1 million DVR clients in the latest quarter to bring its total to 6.4 million.